Ex-Goldman director Rajat Gupta, one of the world’s leading businessmen is sentenced to 10 years in jail on insider trading charges. But some leading figures, such as former United Nations Secretary- General Kofi Annan and Microsoft Corp. Chairman Bill Gates, want the court to be lenient with him.
It is the latest twist in the case of the Indian-American businessman who was found guilty of secret information about Goldman Sachs’ business to the hedge fund manager Raj Rajaratnam.
According to reports, hundreds of letters, 200 of which were made public by the US District Judge Jed Rakoffin, ask the court to be lenient with the ex-Goldman director. Many of the letters have cited several good deeds of Gupta, who would be sentenced on Oct. 24, and requested the judge to show mercy to him.
“I urge you to recognize Rajat for the good that he has done in this world, to give him the credit that he deserves for helping others, and to take into account his effort to improve the lives of millions of people,” Annan said of Gupta’s work to reform management of the UN, according to Business Week.
Meanwhile Manhattan's top federal attorney Preet Bharara has reportedly filed a 12-page sentencing memo in Manhattan's federal court urging that a punishment within the valid Guidelines range from 97 to 121 months' imprisonment and that such a sentence would be appropriate in light of seriousness of the issue.
Ex-Goldman director’s verdict comes just a year after Bharara filed insider trading allegations against him. Bharara accused Gupta of disobeying the law and abusing his position of trust for over two years.
"Gupta's crimes are extraordinarily serious and damaging to the capital markets. Insider trading causes harm in many forms, including undermining confidence in the integrity of the financial markets, disadvantaging ordinary investors who follow the rules, and violating confidences of companies whose secret information is stolen,” Bharara said, according to the Economic Times.
Born and raised in Kolkata, India, Gupta arrived in the US seeking a graduate degree at Harvard Business School. He spent a major part of his career at McKinsey and was appointed its international business chief in 1994. He also served several public companies as director and also dedicated much time to charity work. He became a trustee at the Rockefeller Foundation and a counselor to President Bill Clinton’s charity.